Taiwan Tech Focused Senior Analyst

Patrick Liao

Being invited, I joined Sellside, i.e. JPMorgan, Nomura and Macquarie, totally around 9-10 years. Before that, I joined International Data Corp (https://www.idc.com/) to be the Asia Semiconductor analyst for nearly 2 years, and being invited to do personal lectures in TSMC, UMC, Samsung and etc. In my working experiences, I also had the chance to join Taiwanese panel company, AUO (2409.TT) and the buyside, Chinalife (2823.TT), totally for over 1 year.
I obtained MS degree from the Tsing-Hua University. Then I worked in the Taiwan Semiconductor companies for around 11 years. I had several US patents during my stay in the Semiconductor industry.

Being worked in the sellside and buyside, I deeply dived in the Greater China Semiconductor industry and directly covered some companies, like TSMC (2330.TT, TSM.US), UMC (2303.TT, UMC.US), Vanguard (5347.TT), ASE (3711.TT, ASX.US), SPIL (merged with ASE and delisted), KYEC ( 2449.TT), JCET (600584.CH), ASMPT (522.HK), GWC (6488.TT), WinSemi (3105.TT), Mediatek (2454.TT), Silergy (6415.TT), Novatek (3034.TT), Guoxin Micro (002049.CH) etc.

Silergy (6415.TT): Management Is Confident that Exceeding 20% Is Highly Feasible.

Silergy (6415.TT): Demand of PMIC IC Shall Be Uprising Since 2H26

Silergy (6415.TT): Strong May Revenue Growth of 30.6% YoY.

Silergy (6415.TT): 3Q25 Revenue Flat to Slightly Up QoQ; Annual Growth May Fall Short of 20%+.

Silergy (6415.TT): 4Q25 Flat or Slightly Upside; Early Gen4 Yields Remain Non-Comparable.

Silergy (6415.TT): Annual Growth Could Be Lower Than Earlier Expectation Of 20-25%.

Equity Bottom-Up

<ul>
<li>Silergy should have the opportunity to return to 20% YoY growth this year, and we believe it has strong potential to challenge 25% YoY growth.   </li>
<li>Mature process shortages and price increases suggest that Silergy’s 8-inch products may face pricing pressure, with 8-inch wafers accounting for nearly 90% of Silergy’s products. </li>
<li>Silergy’s server products are expected to see strong progress this year, rising to above 5% by the end of 2026.  </li>
</ul>


Silergy should have the opportunity to return to 20% YoY growth this year, and we believe it has strong potential to challenge 25% YoY growth.   
Mature process shortages and price increases suggest that Silergy’s 8-inch products may face pricing pressure, with 8-inch wafers accounting for nearly 90% of Silergy’s products. 
Silergy’s server products are expected to see strong progress this year, rising to above 5% by the end of 2026.  


Silergy (6415.TT): 2026 Growth Expected to 20% YoY, Returning to Normal Levels.

Silergy Corp

Silergy (6415.TT): 2026 Growth Expected to 20% YoY, Returning to Normal Levels.